By Glen Hallick, MarketsFarm
WINNIPEG, August 16 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher Friday morning, as canola has been competitive with oilseeds and could receive spillover from other markets.
Bids found strength in solid crush margins, which are at their best levels so far this year.
Crop conditions are generally favourable across the Prairies, despite persistent dry conditions in some areas. Below normal temperatures are in the forecast, and that has raised the specter of frost becoming more likely.
The Canada/China dispute has continued to temper gains.
The Canadian dollar was higher this morning at 75.16 U.S. cents after closing yesterday at 75.05.
About 1,000 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric ton at 8:38 CDT:
Canola Nov 453.50 up 2.30
Jan 460.60 up 1.70
Mar 467.00 up 2.00
May 473.30 up 2.10